EUR/NOK may fall 521 - 761 pips

11.8780 is our pivot point.

Our preference

The downside prevails as long as 11.8780 is resistance.

Alternative scenario

The upside breakout of 11.8780, would call for 11.9180 and 11.9420.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.8671 and 11.8507).

Supports and resistances

11.9420 **

11.9180 *

11.8780 **

11.8620

11.8451 last

11.7930

11.7690 **

11.7440 *

11.7200 **

Number of asterisks represents the strength of support and resistance levels.